|[September 27, 2013]
Lieff Cabraser Reminds Nuverra Environmental Solutions, Inc. Investors of Upcoming Deadline in Class Action Lawsuit - NES
SAN FRANCISCO --(Business Wire)--
Lieff, Cabraser, Heimann & Bernstein, LLP reminds investors of the
November 4, 2013 deadline to move for appointment as lead plaintiff in
class litigation brought on behalf of those who purchased or otherwise
acquired the common stock of Nuverra Environmental Solutions, Inc.
("Nuverra" or the "Company") (NYSE: NES) between November 11, 2011 and
August 23, 2013, inclusive (the "Class Period").
If you purchased or otherwise acquired the common stock of Nuverra
during the Class Period, you may move the Court for appointment as lead
plaintiff by no later than November 4, 2013. A lead plaintiff is a
representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the action will
not be affected by your decision of whether to seek appointment as lead
plaintiff. You may retain Lieff Cabraser, or other attorneys, as your
counsel in the action.
investors who wish to learn more about the action and how to seek
appointment as lead plaintiff should click here.
The actions charge Nuverra and certain of its officers and directors
with violations of the Securities Exchange Act of 1934.
The actions allege that throughout the Class Period, defendants
misrepresented and/or failed to disclose: (a) that Nuverra was suffering
from a severe liquidity crisis; (b) that the Company was undergoing a
significant decline in its operational results, especially in the Eagle
Ford Shale area; (c) that as a result of the Company's poor financial
performance, Nuverra's default risk materially increased and the Company
faced potential defaults on its covenants; and (d) based upon the above,
defendants lacked a reasonable basis for their positive statements about
the Company during the Class Period.
On July 30, 2013, the Company issued a press release announcing its
preliminary financial results for the quarter ended June 30, 2013.
Nuverra stated that its earnings before interest taxes depreciation and
amortization ("EBITDA") would be significantly lower than previously
projected. On this news, the price of Nuverra common stock dropped more
than 30% to close at $3.04 per share on July 30, 2013.
On August 23, 2013, after markets closed, Seeking Alpha.com
published a report that disclosed, among other things, information
concerning the Company's acquisition of Badlands Power Fuels, LLC, and
discussed how that acquisition was hampering the Company's financial
performance. On this news, the price of Nuverra common stock declined an
additional 11.76%, to close at $2.40 per share on August 26, 2013.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to
advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser
as one of the top plaintiffs' law firms in the nation.
For more information about Lieff Cabraser and the firm's representation
of investors, please visit http://www.lieffcabraser.com.
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